The recent Agrium- Jana spat seems like a story straight out of a Jeffery Archer book. Except that in an Archer book, activist shareholder coups are the result of ulterior motives of business rivals. In case of Jana Partners though, which in the past has managed to ‘de-conglomerate’ (for want of a better word), the likes of McGraw Hill, the motive is to unlock value in Agrium. A value that they believe has been lost in translation. The case Agrium makes is that their presence across the whole value chain gives them better bargaining power.  They apparently got access to the Viterra...